Dewey Market Watch 5/4/23 thru 6/28/23

      This is a delayed Market Watch update. I’ve been on the mend! Last Memorial weekend I contacted covid and it laid me up for two weeks. This Memorial weekend I landed in the hospital for four days with Pancreatitis. Not from drinking rather I was a small portion of the 6% that had a negative reaction to my blood pressure medicine the end result being pancreatitis. Not any fun by any means but back to enjoying every day life and the wonderful summer weather.

     The low inventory remains the same thus keeping our market very much alive. The inventory for single family homes has increased to five fee simple properties and two single family homes on leased land. Multiple offers are still occurring in our market. My listing at 204 Jersey St.  had multiple offers and is now pending settlement. My new listing at 105 Carolina St. is very unique. The home is the 2nd home in the 2nd block of highly sought after Carolina St.  **** The property is a leasehold from Rehoboth By The Sea. The present owner renegotiated the lease. The present lease has 26 years remaining, expiring in 2049. THE UNIQUENESS OF THIS LEASE IS THAT IT’S ONLY $5,219. A YEAR. The lease amount is increased every five years based on the CPI which is minuscule compared to the 3.5% increase per year in the most recent leases. Renovate the existing home or construct the home of your dreams! Better call me asap if you’re interested. This property will be gone immediately. Where are the condos??? There’s only two condos and one fractional share in the Surf Club on the market. We could surely use a few new condo listings. The interest rates have dropped a little bit. Present rates are 5.875% for a 30 year fixed primary so a 2nd home/investor would be in the low to mid 6’s.

Summertime, summertime, sum sum summertime! Summer’s in full swing! Let the good times roll!

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Dewey Market Watch 4/11/23 thru 5/3/23

     Welcome May!!! It’s a great time to be at the beach! ALL systems go! Summer happiness is upon us! Enjoy:) There were three new listings in the last three weeks. The 1st new listing is my listing at 204 Jersey St. The value is in the oversized 6,000 sq’ lot. Based on the showing feedback the vintage home that was built in 1971 offers the possibility of renovation and additions. Showings have been brisk so please contact me immediately if you have an interest. The 2nd new listing on Dodd Ave. is another oversized 7,000 sq’ lot with a home with a separate guest suite. The 3rd new listing is a single family home on a shared lot. The home has been totally renovated and shows like a charm! The property is located directly alongside of the Lifeguard station on Dagsworthy St.

     Pending transactions have been slow, slow, slow. The lack of inventory is the direct reason. Values in Dewey and the surrounding communities continue to escalate. Presently there’s three fee simple single family homes on the market, one single family on leased land. There’s only one condo and two Surf Club (fractional share) units available for sale. There are four available lots for purchase. There’s one in Indian Beach, one in Dodds Addition and two (commercial) lots on Ocean Highway. The interest rates have dropped to 5.750 for a 30 year fixed so overall the interest rates aren’t that bad. 

     My word of advise is simple, get out and enjoy the vacant beaches, state parks and waterways before the summer crowds descend upon us. The summer weather with no crowds is totally enjoyable!!! 

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Dewey Market Watch 3/16/23 thru 4/10/23

Happy April!! Good times and excellent weather lie ahead. The day time temps are forecasted to be in the mid seventies to low eighties for the week ahead! The market is just as hot as the weather. There were four pending transactions within the previous three weeks. 1 Rodney sold in seven days. 109 Rodney Ave  #D sold in ten days. 119 Collins #213 sold in four days and 1 Read Ave #103B sold in only three days. That equates to four new listings and they all sold within a week to a week and a half! Presently there’s only three single family homes for sale in Dewey (2 fee simple, 1 leased land), two condos and two Surf Club units (quarterly fractional shares). There’s a couple of homes for sale in Ann Acres and Poynters Addition and that’s it. Indian Beach, Sea breeze Dev, Country Manor, Killens Addition, Dodds Addition & Silver Lake Manor have zero listings as nothing is listed on the market. The interest rates have dropped below 6%. You can get a 30 year fixed, primary between 5.750% to 5.875%. The interest rates for 2nd homes and investments are slightly higher. Due to the lack of inventory appreciation is still occurring in not only Dewey Beach but all of the immediate resort areas. Are you wondering what your home is valued at in today’s present market, give me a call! You may be surprised at the value!

Happy springtime!!!

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Dewey Market Watch 2/16/23 thru 3/15/23

Happy springtime! This is my favorite time of the year. Many of the local businesses will open this weekend which is tradition for St. Patty’s weekend. The market has been very active. There were six pending contracts for the previous four weeks. There’s also some new inventory. In the town limits there is one new single family home, two new condos and two new Surf Club listings. Presently in Dewey town limits there’s two (fee simple) single family homes for sale and one single family home on leased land. There’s two condos for sale and one quarterly fractional share in the Surf Club which rounds out the entire inventory in Dewey. There’s one single family home in Ann Acres and one home for sale in Poynters Addition. There are no active listings in Dodds Addition, Killens Addition and Silver Lake Manor, Indian Beach and the Chancellery. Judging by the asking prices of some of the new listings, I don’t see any significant drop in values. Time will tell when they go to contract. The interest rates are remaining stable. The interest rate for a 30 year fixed primary is approximately 6%. Buyers are out there in strength. We desperately need some fresh inventory to continue positive trend that we’re in.  Please contact me for a free, no pressure market analysis to bring you up to date with our very active market.

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Dewey Market Watch 1/19/23 to 2/15/23

     Hello from good old Dewey Beach! I hope everyone had an enjoyable Valentine’s day! Our immediate market is very active right now. We’re lucky to get three new listings coming in the next couple of days. There are two fee simple single family homes, 1 single family on leased land and two condos for sale within Dewey town limits. There’s one single family fee simple in Silver Lake Manor and one single family/commercial home in Ann Acres. That’s the entire inventory! The interest rate rose just a tiny bit. The interest rate for a 30 year fixed with 20% down is 5.875%. Programs with 5% down are available for the same rate. The rate for a 2nd home would be in the low 6% range. I’m hearing  mixed reviews, some saying the rates are going to raise and some saying they’re going to remain stable. The interest rates are not our immediate problem, the lack of inventory is! Pricing and values continue to remain stable. Please contact me for a free no pressure evaluation of your home:)

     It’s a very exciting part of the year. The days are getting noticeably longer. Many of the resort businesses open up in March. Upcoming events include St. Patty’s Day, Admirals Day and surely of course the Bacon Fest. Good times ahead! I’m looking forward to all of the spring events that are about to unfold. Happy springtime! See you soon!!!

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Dewey Market Watch 12/16/22 thru 1/18/23

Happy new year to everyone! I’m excited to see what 2023 has in store for us. One thing is for sure, there will be plenty of sunshine, ocean breezes and a good time had by all. The days are getting longer and we’re all getting that much closer to springtime:) The 1st good news for the new year is the drastic drop in the interest rates. The rate for a primary 30 year fixed has dropped to 5.389%. Jumbo rates have dropped as well and is currently at 5.5%-5.875%. The interest rates are not our problem, the lack of inventory is. The buyers are out there! I listed 122B New Orleans and we had 10 scheduled showings in the first two days. The 2nd person that viewed it, bought it. 12 Van Dyke was an ocean block condo that sold in only a couple of weeks and this was all during the holidays. There’s only three single family homes (2 leased land, 1 fee simple) for sale and one condo in Dewey. There’s one home for sale in Ann Acres and one in Poynters Addition and that’s the entire inventory. We’re going into the spring season and we only have five active listings. Supply and demand is the name of the game. It’s an excellent time to list your home while there’s no inventory and a significant rate drop. Please call me for a free ,no sales pressure market analysis. 

Happy new year! Think spring!!

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Dewey Market Watch 11/10/22 thru 12/15/22

Happy holidays to everyone!!!

     You would think that the market has slowed especially with the higher interest rates but that’s not the case. There were four condo sales in the 1st week of December and that’s good for anytime of the year:) The new single family listing (2 homes on one lot) on Saulsbury street increased the inventory for single family homes to four active listings, three being fee simple and one on leased land. The only condo for sale is my listing at 23 Collins unit 2 D. Based on showing activity, I don’t think that it will last very long. There’s two Surf Club (quarterly fractional shares) units on the market and that’s it for the entire Dewey inventory. There’s a single family (commercial) home in Ann Acres and one single family in Poynters Addition for sale. There is no activity in Dodds Addition, Killens Addition and Silver Lake Manor. There’s no listings for single family homes in the Chancellery and Indian Beach. The only land for sale is a lot in Indian Beach and the commercial lot just north of Dewey on Ocean Hwy and Old Bay Rd. 

     The interest rates have actually come down a bit since my last update. The feds raised the rate yesterday but it didn’t impact the mortgage interest rates. The rate for a 30 year fixed is about 6.5%, yes of course with a point:) The ARMs are running about 5.6250% for a five year ARM, 5.8250% for a seven year ARM and 6.1250% for a ten year ARM. They’re still not the best but much better than what they were just a few weeks ago. There’s absolutely bare bones for an inventory. It would be a great time to list at the beginning of the new year. Please feel free to call me for a free no pressure market analysis to determine the value of today’s ever changing market’

I’d like to thank all of my clients this year and all of my previous years for a very successful 2022 season. I value our friendships developed over the years and thank every one of you:) Have a safe and joyous holiday season See you in 2023!!!

There was a rare Seastrand listing that was listed, pending and closed all within the day. The asking price was $1,295,000 and it closed for $1,225,000. I believe that the tax records weren’t updated. I believe this building was built in 1995 after the original building burned down.

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Dewey Market Watch 9/28/22 thru 11/9/22

      Happy Veterans Day!  Thank you for your service and sacrifices that allow us all to enjoy the freedom that we have today. All service members in all branches of the military, true American heroes. Thank you! How about this beautiful summer like weather! Temps were in the mid 70’s to 80 degrees for the last 3 days. Gorgeous! What a rapid change in the market. There’s minimal activity at the present time. Properties are still selling in the resort area but not at the pace that we’ve seen in the last couple of years. . The lack of inventory hopefully will keep the prices up. They should drop a little, how much we don’t know. ALL markets are fueled by supply and demand and demand is still present in the entire county. The Dewey and surrounding communities still have a severe lack of inventory. The town of Milton is getting ready to approve, ready for this, 15,000 new homes, proving that demand is still present. Sussex county is still hot as ever and in full demand but the interest rates aren’t helping. Present rates are as follows 30 year primary 7.250% with 1 point, a 5 year ARM is 6.50% with a point, a 7 year ARM is 7.625% with a point, a 10 year ARM is 6.750% with a point. Second home rates are 7.375% with a point. We were all used to 3% -4% even 2.50% at one point which was a record low rate. Rumors are that we will see at least 2 more rate hikes in the very near future to help ease the inflation. It’s not the end of the world! Prices will come down to help offset the higher interest rates. We are in a niche market, it’s the beach resorts. Strong rental incomes will help support the market. New construction abounds in Dewey.

     The holiday season is upon us. I hope everyone has a safe and happy Thanksgiving! 

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Dewey Market Watch 8/3/22 thru 9/27/22

     The 2022 summer season has come to an end and autumn is upon us. The market remains stable in the Dewey and surrounding communities. Properties are still selling but the madness is over. The “days on the market” is longer. Home inspections are returning and the 15+ contracts on a listing is no longer although occasionally there’s still multiple offers on an exciting property. The increasing interest rates are to blame. You might want to sit down for this! The interest on a 30 year primary home is 7 1/8%. You can pay two points to get it down to 6 1/2%. The interest on a 2nd home is 7 1/8 and two points. Jumbo rates for a primary home with a minimum of $741K borrowing amount is 7 1/2%. Jumbo rates for a 2nd home is 7.625%. That’ll slow the market but not stop it. Rental incomes have been off the charts and still are attractive to savvy investors. Surely the market is in for a change. 

     I have two new exciting listings that are very unique. The 1st listing is a three season 2bd/1ba in the ocean block of Collins. The unit has been tastefully upgraded. The seller is offering to hold the note for 4%, amortized over 30 years with a balloon in 10 years. That’s an unbelievable savings. Please click on the link below for more info! My 2nd listing is 104 Dover Rd. #2. This 4bd/2ba, 1,800 sq’ is half of a duplex. The feature of this property is that you own the land unlike the common areas usually associated with a townhome. There is no HOA or HOA fees. The flood insurance is $2,250 per year and each owner maintains their own home. Please click on the link below for more info.

     Inventory remains low for single family homes. Presently there’s only three fee simple homes and one home on leased land. There’s one single family home in Ann Acres and one in Poynters Addition. The condo inventory has increased to six active listings and there’s one quarterly fractional share in the Surf Club. That rounds out the inventory. I expect the inventory to increase in the months ahead, we’ll see!! Everyone have a safe and enjoyable autumn season:):)

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Dewey Market Watch 7/6/22 thru 8/2/22

Hello Everyone! Happy summer to all:) The summer’s going way too fast and needs to slow down a little:) The market remains slow only due to very little inventory. In the town limits of Dewey there are two condos, four single family homes, one single family on leased land and one Surf Club unit (quarterly fractional share) on the market. There’s one single family home in Ann Acres, one single family home in Poynters Addition and one lot in Indian Beach. There’s nothing available in the Forgotten Mile. You can’t sell it if you don’t have it!! There were two pending contracts for single family homes and two condo sales in the previous 3.5 weeks. Closing prices are still close to asking price. The bad news for all of us is that the prime just went up .750%. The good news is that the mortgage rates actually dropped a little. The interest rate for a 30 year fixed is hovering around 5.5% and a 30 year jumbo is approx. 4.750%. Perhaps we’ll see a few new listings once the summer comes to an end and owners have realized most of their rental incomes. Are you thinking of listing in the autumn? Call me for a free “no pressure” market analysis that will educate you on your home’s value in today’s present market. Act fast while the rates are still reasonable!!! Stay safe and enjoy the remainder of the summer!!

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